The bill amends existing New Mexico tax law to allow the disclosure of taxpayer return information to the staff of the Legislative Finance Committee. This is intended to facilitate the evaluation of programs that have a fiscal impact on the state or its political subdivisions. A new section, 7-1-8.12 NMSA 1978, is introduced, which outlines the conditions under which this information can be shared, including the requirement for a memorandum of understanding between the department and the Legislative Finance Committee to ensure confidentiality and security protocols. The department is also mandated to provide aggregated data to maintain compliance with federal confidentiality standards.

Additionally, the bill reinforces the confidentiality of taxpayer information by specifying that any unauthorized disclosure is a misdemeanor, punishable by fines or imprisonment. The effective date for the provisions of this act is set for July 1, 2025. Overall, the bill aims to enhance the legislative oversight of fiscal programs while maintaining the integrity and confidentiality of taxpayer information.

Statutes affected:
introduced version: 7-1-4.2, 7-1-21
Final Version: 7-1-4.2, 7-1-21, 7-1-76